Southern attacks 1.(1).ks.

[newmac]

But if his estimates of 22 million are correct (I'm not saying that they are) then it is a political problem as everyone is being told they have to pay more tax by our politicians, because of the shortfall

[Dissident Aggressor]

1.(1)ks make a fortune from many other interests in Jersey but it is right to say that they can pack up and go if it gets too hot for them.

[boatyboy]

There seems to be a few off the mark here in my opinion. Firstly 1.1ks live here not for the tax that they save, just about anywhere civil will charge them tax. Because Jersey does not charge death duties is a main reason. So for example, if a wealthy 1.1k dies with £10 million left in his estate if based in the UK would suffer 40% tax after an allowance of £360,000. Where's the calculator? meaning a tax payable to the inland revenue of £3,856,000.

As a resident of Jersey, He will leave £10 million to his heirs, we don't have any such tax.

Also if a resident of Jersey has property in England, any gains in value (capital) will not be taxed. Jersey residents do not suffer capital gains tax.
The property would probably have to be purchased after they moved here.

Terry Le Suer and the Ministers will know this, Geoff Southern is right, they must pay there dues to live here, and seem to be getting off very lightly.

Of course the council of secrets will not give out figures, even if names are rightly NOT attached, as this would be further ammunition pointing to a biased two tier society.  Finally should a 1.1k want to move, reside in a different country France for instance, the death taxes are worse than the UK. Banana republics are not safe, maybe not as many choices as one may think. Not that I am an expert with my few pennies compared to many of the wealthy 1.1k immigrants.

[Terminator 4]

Everybody in Jersey benefits from no IHT and no CGT FFS!

[boatyboy]

Of course Terminator, no dispute there. The problem arises according to Geoff Southern that the worker in Jersey has to pay income tax. But wealthy immigrants having moved here to avoid death duties, etc, are not paying their fare share of tax. Seems a reasonable point to me.

The English Inland Revenue, were stopped from making special deals with very wealthy immigrants, after a tax inspector in that department was found to be corrupt. He had received gifts and holidays.

So a politician has found a discrepancy in the way 1.1ks pay their dues, I thought that this was one of the jobs of the elected, to make sure a fair system was in place for all.

The formula for taxing the 1.1ks should be available for all to see, its called transparency Senator Le Suer. The names of the individuals is of no interest. You have publicly refused to give a breakdown of the figures.  Why ?

[Terminator 4]

Because it works like any wealthy business coming in Mr BB.  They call the shots.  But for you to say that they enjoy no IHT and CGT is stupid because everybody enjoys the same fiscal system who lives here.

[plus_ca_change]

Everybody in Jersey benefits from no IHT and no CGT FFS!

That is literally true but not exactly the true picture. The Income Tax department are empowered and are quite ready to impute income on capital that they deem should have produced income even if it doesn't.  They will even do this on capital investments that decline in value!

[Eastern correspondent]

If 1. (1).Ks

Geoff Southern is not attacking wealthy residents he is attacking policy.

As I understand it,as a condition of entry, certain individuals have agreed to pay x amount of income tax, and in certain cases the Comptroller of Income Tax can collect no more than the agreed figure, can he collect less? I do not know.

The policy is flawed, the 1.(1).k cannot be critised for adhering to his/her terms of entry.

Lay the blame at the door of the politician/s that tied the island into the agreement, and does not have the balls to give reasonable notice to rescind it.

David Kirch is a 1.(1).k resident - for two years in succession he has gifted away generous amounts of money to pensioners. The couple who run the pub at Beaumont, provide a soup kitchen daily and have set up a charitable trust to benefit the poor and needy.............

Do not assume that all wealthy immigrants are devoid of making contributions to this society, and do not assume that all socialists pour scorn on the upper classes!( and no I am not a member of any political group or a socialist - just a realist!)

The politics of Geoff Southern have been denegrated over the years by many, he has not helped himself with some of his outbursts but a  time goes on, like him or loathe him,  we need some  opposition to those in the assembly that are hell bent on Thatcherite policies which will only result in a burgeoning wellfare state.........

I would ask bloggers to set aside personality politics and take heed of his message, which is basically that lower and middle income families are being penalised unfairly in comparision with the higher echelons of society.

Take for example the volte force on GST, it does not take a genious to work out that the amount a 'blue collar' family spends on food and drink over the course of a month is less than that of  a 'white collar family ( working class V professional class) ......so who benefits most from exemptions?

It follows that the professional family will benefit more from a waiver of GST on food, why could our government not be more creative, if they are that concerned,,,,,,,,why not increase tax thresholds and put some money back into the pockets of both goups.

Why not...........well because they have had a knee jerk reaction and fear that they are about to take a swift kicking at the polls, but hey lets be grateful at least the volte force is transparent and I hope the electorate see it for what it is ...................popularism!

[Jason the Maverick]

Even I am getting lost on this one now. 

Would I be right in saying that Geoff Southern just hates people who are 1.(1)K?

[ageofaquarius]

Even I am getting lost on this one now. 

Would I be right in saying that Geoff Southern just hates people who are 1.(1)K?

I don't think he hates IIK just the injustice that our government that gives IIK the breaks that the average worker doesn't get.  We need monied people (or so I'm led to believe). 
The banks can afford to give lucrative deals to staff on a 5 yr contract, subsidies on rent, flights home, relocation & haircuts (I do know some finance people who can afford to fly back home for a haircut cause they don't trust local salons!) we have a ridiculous two tier society, which Southern is obviously bringing to the fore, and good for him.   Just wish our health system could afford to offer the same deals to people who are, in reality, much more necessary for the public good.  But perhaps for that we need a socialist government, and lets face it, Jersey ain't going down that road.

[Jason the Maverick]

Okay.

I know for fact that some 1.(1)Ks have used nominees to buy and sell property in Jersey.  The amount of money they have made will create anger even the middle class 'person' who lives in Jersey.

£200-450K x 15 say over 2 years.

Massive loop hole for children of 1.(1)K.

But hang on.  Dandara are advertising properties for outside non res owners now anyway......

[Fritz]

Terry Le Suer,s comment that raising taxes for, 1(1)K,s would be, "Immoral", is bloody astonishing.

The fact that we have a ,"1(1)K category for housing rights is totally, "Immoral".

[boatyboy]

I agree with you Fritz, just goes to show how out of touch he really is, God bless him................................. or God help us !

[Mod-1]

I have removed a few comments which are directed against specific 1.(1)K people.

This thread should not be treat as a witch hunt for 1.(1)Ks.

Thanks

[debumblebee]

I see this controversial topic keeps on being raised by the left. It has been mentioned a few times but I just think they will leave if pressured to much. Fair tax? I would imagin most left their places of origin because of unfair tax already.